4-4-2025 – The U.S. Senate Banking Committee has propelled Paul Atkins, President Donald Trump’s pick to helm the Securities and Exchange Commission (SEC), one step closer to the top job. On a crisp Thursday morning, the committee’s 13-11 vote—split starkly along party lines with every Democrat dissenting—underscored the contentious stakes of Atkins’ ascent. As the SEC pivots to a warmer embrace of cryptocurrencies, Atkins’ nomination signals a potential sea change, though not without its share of fireworks and scepticism.
A new dawn for crypto regulation?
The SEC’s recent thaw towards digital assets marks a striking departure from the frostier stance of former Chair Gary Gensler, who stepped down in January. Under Gensler, the agency had cast a wary eye over the crypto realm, wielding a firm regulatory hand. Now, the mood has shifted. Since his exit, the SEC has rolled back divisive accounting rules for crypto, shelved legal battles with key industry players, and even birthed a dedicated crypto task force. Atkins, a veteran of the SEC from his 2002-2008 stint under George W. Bush, has vowed to cement this shift. In testimony last week, he pledged to prioritise a clear regulatory blueprint for digital currencies—a promise that’s music to the ears of an industry long clamouring for certainty.
Senate Banking Committee Chair Tim Scott, a South Carolina Republican, hailed Atkins as a champion of clarity. “Paul Atkins will steer the SEC back to its roots—fostering capital growth and keeping our markets the global gold standard,” Scott declared. For Britain’s crypto watchers, this resonates deeply; the UK’s own Financial Conduct Authority has wrestled with balancing innovation and oversight, making Atkins’ approach a point of keen transatlantic interest.
From consultant to crypto czar
Trump tapped Atkins for the SEC’s helm in December, plucking him from the helm of Patomak Global Partners, a consultancy he founded in 2009. The firm’s roster boasts banks, crypto exchanges, and decentralised finance (DeFi) outfits—a CV that paints Atkins as a bridge between Wall Street and the blockchain. Yet, this very pedigree has sparked fierce debate. At last week’s nomination hearing, Massachusetts Democrat Senator Elizabeth Warren didn’t mince words, accusing Atkins of cosying up to “billionaire scammers” during his post-SEC career. Her ire zeroed in on Patomak’s ties to FTX, the crypto exchange that imploded in late 2022, leaving a trail of financial wreckage and a convicted ex-CEO, Sam Bankman-Fried, in its wake.
Reports from the likes of The Wall Street Journal confirm FTX enlisted Patomak as an adviser in early 2022—months before its spectacular collapse. Warren seized on this, thundering on Thursday: “He’s spent years helping the likes of Sam Bankman-Fried amass fortunes.” The jab landed amid broader concerns over potential conflicts, including Trump’s own memecoin ventures, though Atkins has yet to face formal charges of impropriety.
